Port Marigny Nearing Final Vote
Port Marigny is a proposed real estate development including both commercial and residential properties in Mandeville, LA along Lake Pontchartrain. The former site of the proposed plan was the concrete plant for the construction of the Lake Pontchartrain Bridge. The site is located just behind Sunset Point in Mandeville. The development plan has been in the regulatory process for over a year now. Thankfully the end is in sight as the commission has accepted the plans and public meetings have been completed. The plans have now been forwarded to the council in order for them to make a final decision on the matter very soon.
Port Marigny Commercial and Residential Real Estate in Mandeville, LA
Port Marigny plans to use a 78 acre land plot along Lake Pontchartrain to develop 400 residential housing units, a 120-room hotel, two restaurants, 60,000 square feet of commercial real estate, a boat marina, and multiple public parks. The total cost of the project is about $180 million. The real estate development will negatively affect the market while in construction in the beginning, but if these plans become reality, Port Marigny will bring life back to this area of Old Mandeville. The hotel, which would be the only hotel available south of I-12, along with the commercial properties and restaurants will bring in revenue, and the housing market surrounding the site will thrive because of it. If these plans get the approval of the council, this will be the biggest and most significant real estate development in Mandeville’s history.
There are many questions to be raised about Port Marigny, and skeptics have been very vocal about these concerns. A survey from the chamber of commerce shows that 14% of chamber members opposed the development. Many of the members live outside the Mandeville community, so it’s hard to know fully how the public views the development outside of public meetings. One of the major concerns is regulating traffic. The site has been out of use for three decades and the road leading to the property (Monroe St.) is a two lane road. A two lane road with speed limit of 30 mph will be tough to accommodate the new traffic generated by Port Marigny. Another concern is that the development would compromise the integrity and charm of Old Mandeville. Many who oppose the construction of Port Marigny have showed up to public meetings to voice their opinions. Some were even left out of the meeting as the room was filled to capacity.
The long, arduous process is coming to an end, and a final decision will be made very soon. There is speculation as to what will happen, but residents and stakeholders in the matter will know soon. There still remains legal questions that need to be resolved. The public can anticipate a decision before the end of 2016. Whether you are in support or against the development of Port Marigny, it will have an impact on residential and commercial real estate in Mandeville, and it will be interesting to see how the process plays out.